The matter of Aurora Media did not affect other companies.

The network gathering should speed up the listing, and the penguins should also strive to go public as soon as possible, okay, Liu Ruoyi's two important investment Internet companies are ready to rush to go public.

However, after Liu Ruoyi's slight dissuasion was ineffective, she gave up stopping it and directly asked Liang Baiheng to take over the operation of the listing. Anyway, these two companies are already very good companies in terms of internal conditions, and they are fully qualified to apply for listing.

According to the plan on the Penguin side, they want to go public in the middle of next year, so that the online gathering side can only be placed at the beginning of next year, or the two families will fight together, it will be fun.

The network gathering was delisted from the NASDAQ, and the system in all aspects is relatively perfect, and the financial reports are also operated in accordance with international standards.

It is estimated that it will be more than a month to be able to prepare the materials and submit the application, and it will be listed at the end of February next year at the earliest.

Of course, this is the way to sacrifice various roadshows to build momentum to go public quickly, and the approval process here is relatively simple, and it can be done in about 3 months at the earliest.

After the operation began here and released the wind to the market, institutional investors came to hear the wind, and Liang Baiheng continued to test the bottom line of institutional investors' valuation.

From the initial 25 times P/E ratio, after Liang Baiheng sorted out the detailed financial details of Wangju in recent years, it was slowly raised to 28 times P/E ratio.

However, when Ding Shi led a team to Xiangjiang for the first roadshow, the game business of Wangju was listed separately as the quarterly business development and the quarterly development of the search engine market share, and then compared Google's quarterly business revenue from last year to this year.

These investors were blown up all at once.

Liang Baiheng's formal inquiry, from 30 times the P/E ratio to give a high valuation of 38 times P/E!

It's just jaw-dropping.

Because according to this valuation, there is no suspense that Wangju's profit this year will at least exceed 1.2 billion yuan, and if it is issued according to 38 times the price-earnings ratio, the valuation will exceed 45 billion yuan!

If it can really be issued at this valuation, I am afraid that this will directly become a myth in the mainland!

This was in 2003, when there was a flood of money that could be valued at tens of billions of dollars at every turn.

In the face of such a high valuation, Ding Shi is actually very entangled.

Is this a matter of putting more shares out, taking advantage of this high valuation to raise more money to save for development, or is it reluctant to sell less and keep the shares for more appreciation in the future?

To be honest, this is really difficult to choose, the 38 times issue price-earnings ratio is not high, and the valuation of this same wave on the NASDAQ is basically comparable, and there is not much suspicion of overvaluation.

It's just that the only question in the market is whether the high growth of network aggregation is sustainable?

To put it bluntly, is there still an opportunity for high growth in the game business in the future?

Not to mention investors, in fact, even Ding Shi himself is still a little drumming.

Originally, now, he looked back at the Goryeo stick game industry, and felt that they were nothing more than that, and now the game development team in Ding Shi's hands, whether it is the accumulation of technology, it is completely worthy of the competition of Goryeo sticks, and the game that the other party can make, he is sure that he will make it soon.

The game engine has been pulled on a horizontal line with the Goryeo stick, and the rest is nothing more than creativity.

But after watching the blizzard on the other side of the ocean, Ding Shi didn't have so much confidence.

The technical level is really incomparable. Compared to the 3D engine shown in Warcraft III, the current engine of Wangju is as different as a bicycle and a car.

To this end, he ruthlessly formulated an unprecedented R&D investment plan, and is ready to invest 500 million yuan to die in game engine technology, especially the game 3D engine!

But the domestic level of this thing is like this, no matter how much money is spent in China, it is of little use, and it is impossible to catch up in the short term.

If you want to quickly narrow the gap, the only thing is to introduce absorption and transformation, but the other party has now blocked this way, and Ding Shi can only think of another way.

If you release 25% of the shares, maybe you can raise enough funds of 10 billion yuan at one time!

This temptation is too great for Ding Shi, who insists on independent development.

"Don't even think about it!" When discussing the final valuation, Liang Baiheng directly poured a scoop of cold water on the top of Ding Shi's fiery head.

"Don't look at the P/E ratio, we have to look at the scale of this financing, if it is around 5 billion, we can get the best investment valuation, maybe according to the 40 times P/E ratio can be issued. ”

As a veteran of the financial market, Liang Baiheng is obviously not on the same level at all compared to Ding Shi, a financial rookie who takes it for granted.

"If you want to increase the amount of financing, I estimate that the maximum is in the range of 7 billion to 8 billion Hong Kong dollars, which is the bottom line accepted by the market. After all, the real tens of billions of enterprises in the H-share market are mainly tired of the national character. ”

"And to raise a high limit of financing, the price-earnings ratio has to drop a lot, if the financing is 7 billion, it is estimated that we have to price about 35 times the price-earnings ratio to have a better market appeal. ”

Ding Shi quickly mentally calculated that if he raised 5 billion, according to the current level of profitability, he would only dilute it by a little more than 10%, and it would be diluted by 3.0 points relative to himself, and the remaining shares would still be worth more than 10 billion.

It seems that this plan is more beneficial to itself.

If you raise 7 billion, according to the 35 times price-earnings ratio, you will have to issue about 16.7%, and you will have to dilute more than 5% of the shares relative to yourself, and you will not have a net worth of 10 billion.

After comparing it like this, Ding Shi is already inclined to accept the 5 billion financing plan provided by Liang Baiheng.

So in the ensuing discussion, everyone quickly reached a unanimous agreement to do the financing plan according to 5 billion!

Therefore, in the official version submitted, Wangju officially proposed to raise 5 billion Hong Kong dollars at a price-to-earnings ratio of about 40 times! According to the current share composition, it was split into 1 billion shares, of which 100 million shares were issued to the public.

After the news was made public, the market was in an uproar, and some people scolded the Internet for asking for money, leaving no market space for the initial investors.

There are also those who say they want to wait and see, and they are skeptical about the high pricing of online gathering, but no matter what, Liang Baiheng will not consider changing the pricing when he settles down.

Nothing could change his determination. Although this business is very likely to be a Waterloo issued by him, Liang Baiheng is not worried at all.

Liu Ruoyi has promised him that the underwriting guarantee of this stock and Penguin stock is to give him additional funds, which are not in the 20 billion capital pool supported by the existing investment banking business.

In other words, Liang Baiheng speculated that Liu Ruoyi might be more hopeful that the issuance would fail and keep all the shares in his own hands.

Leung has reservations about this.

On the one hand, the Internet bubble has not been around for a few years, and the wounds caused to Internet stock investors are not necessarily healed now.

On the other hand, the valuation of online games is indeed relatively high, although it can be regarded as a high-growth high-quality stock, but it remains to be seen whether the online game business is sustainable.

From the perspective of stand-alone games or non-online games, the growth rate of this market is actually not too high, as a stable investor, we must take into account the impact of the general environment and the market.

But Liu Ruoyi has always had a particularly poisonous mythical aura, and Liang Baiheng didn't say much, so he could only do things according to the other party's requirements.

In fact, no one dares to guarantee the success or failure of this matter.

There are two automobile company listing projects at hand, as well as two network company listing projects, plus Zhongping Insurance is 5 projects in progress at the same time.

However, this is not the whole of Liang Baiheng's investment bank's listing business, and the political task required by Fujian Province to recommend the listing of the two companies, Liang Baiheng has worked overtime to complete the material verification and preparation of one of them and has completed the application process.

But in any case, this year will not be able to catch up, and no matter how soon it is, it will be the Lunar New Year.

Fortunately, Director Liu is not a rigid person, and he still recognizes the efforts of Yongxiang Bank, after all, he also knows that with the messy companies recommended below, it is very good to be able to find one to complete the preparation for listing.

At least next year there won't be no harvest!

The two companies that are really good among the best are ready to be sent to A-shares. The tall man in the basket was selected to complete the preparation for the listing of H shares, which is enough to show that Yongxiang Bank has a very high degree of cooperation.

Manpower, full protection, and connections, Liang Baiheng has taken the fastest path, which is to go through the Stock Exchange to simplify the approval process.

With Liang Baiheng's sophistication and stability, although Director Liu of this company pushed out has no bottom himself, he believes in Liang Baiheng's vision.

Really poor enterprises, Liang Baiheng actually killed the first batch quickly, there seems to be no hesitation, this attitude of doing things makes Director Liu both appreciate and a little worried, according to this strict screening, I am afraid that next year there will be few companies to be able to carp jump into the dragon gate and fly into H shares.

Not to mention the investment banking business, which is growing by leaps and bounds.

In terms of the development of high-end customers of Yongxiang Bank, Yongxiang Bank, which has opened the Lion City branch, has direct business territory in the three major cities of Xiangjiang, Las Vegas and Lion City.

By the end of the year, Yongxiang Bank had increased its deposits by more than 20 billion yuan, and about 10 to 20 percent of these deposits would go into risky investments.

The total capital of Yongxiang Bank has already exceeded the 100 billion Hong Kong dollar mark, and with the 20 billion guarantee given by Liu Ruoyi for the investment bank, the capital of Yongxiang Bank has now reached more than 120 billion.

For Yongxiang Bank, the past 2003 was full of harvest, the business developed rapidly, the stock market staged a turnover, and the financing was also settled at the end of the year.

However, this is only a good start.

Liang Baiheng's investment banking business will not be really settled into the financial statements until next year, and with his current business volume, the financing amount of several projects in hand will be as high as more than 20 billion yuan!

Even if the giant financing of Zhongping Insurance only accounts for 4% of the income, and the underwriting fee rate has been lowered a lot, but at least there is a gross income of more than 200 million Hong Kong dollars, plus a few others, even if there is no new business next year, the revenue of Yongxiang Bank's investment banking will be almost 1 billion Hong Kong dollars, because the other few are independent underwriting, and no one distributes profits.

In this way, coupled with its own banking business, Yongxiang Bank's revenue will exceed 2.5 billion yuan next year, and there is basically no suspense for the profit to exceed 1 billion yuan.

For the small Wincheong Bank, this is a leap forward.

It is foreseeable that next year, with the expansion of outlets and the strategic cooperation with Xinglong Securities, the entire business will go to a big level.

More importantly, Liu Ruoyi designated a technology Yongxiang plan for Yongxiang, requiring Yongxiang Bank to fully embrace the Internet and invest heavily in opening online banking next year, with the mainland focusing on the strategic partner Xinglong Bank, and other regions and countries in Asia focusing on Yongxiang Bank for online payment business.

The first is the online payment system that connects the business of Penguin, Wangju and Ahri.

This is not only to find a new business growth point for Yongxiang Bank and Xinglong Bank, but more importantly, to provide strong impetus for the network business planned by Liu Ruoyi.

The original SMS recharge payment method is too much for communication operators, and now it is becoming more and more unsuitable for the scene of online micropayment, and the remittance method is too old-fashioned, and many young netizens will not use it at all.

With the development of online business, online recharge has formed a gray business offline, and some people make a fortune by charging fees for recharge on behalf of people, especially those Internet cafes!

This market has long been prepared in Liu Ruoyi's planning, Penguin Easy Payment, Wangjule Payment, and Ahri have all come up with an Alipay!

With these important platforms for online payment, Liu Ruoyi's online banking business will not be useless.

Of course, in the future of online finance, Liu Ruoyi will not let these three monopolize, but will firmly control the online financial management and financing in her own hands from the beginning.

After waiting for these downstream users to have consumption records, Liu Ruoyi will integrate the data of the three companies and set up an online credit reporting company to assess the online credit rating of individuals through big data mining, so that Liu Ruoyi can control the risk of the future microfinancing credit business.

If this step is replaced by someone else, it will never be successfully integrated, but now Liu Ruoyi is different, no matter which company's shares, Liu Ruoyi has a great right to speak, Penguin doesn't say it, now they are still holding 40%, and some of them may be diluted after listing.

But Liu Ruoyi has every chance to reabsorb it from the market.

The network gathering is even more of her and Zhao Shaodong, Chu Luo directly controlled, if Ding Shi is really too fierce, Liu Ruoyi doesn't mind changing a CEO!

Ahri's side has relatively little shares, but the current Ahri is less developed than the original time and space, at least for now.

If she finds that the situation is out of control, Liu Ruoyi doesn't mind re-supporting the family to compete with Ahri on e-commerce.

This matter is very difficult for others, but for Liu Ruoyi, it's just whether she is willing to do it!

The development routine of e-commerce, who is clearer than her now?!

If Ahri gets out of control, it is nothing more than throwing money to smash out channels and users, and the current market share and scale are far less concentrated than in later generations, not to mention financing and spending money, even Liu Ruoyi himself can play this money-throwing game with Ahri.

You are free for three years, and I can promise to open a store for free forever!

I can build a stronger sales team!

......

If you have money, you can be so capricious!